The Dell-Trump Alliance

Is the era of the billionaire philanthropist back? (In fact, had it ever really disappeared, or had our politics just failed to recognize the generosity?)

Dell Technologies founder Michael Dell and his wife, Susan, announced earlier this week that they want to help fund President Donald Trump’s savings accounts for babies, to the tune of $6.25 billion, or $250 per 25 million children.

“This investment piggybacks off Invest America’s original plan, which will provide all children born between Jan. 1, 2025, and Dec. 31, 2028, a tax-deferred savings account with $1,000 provided by the government,” reports Deseret News. “Now, with the Dells’ contribution, the first 25 million American children to sign up for the accounts who are under 10 years old—who were born before Jan. 1, 2025, and live in ZIP codes with median incomes of $150,000 or less—will receive $250.” In essence, they’re financing Trump’s plan, though in a somewhat means-tested way. (Do ZIP codes with higher median incomes get exempt from Trump’s plan altogether?)

“Donating to the government is unusual, although philanthropists have funded the construction of schools, hospitals and other public institutions for centuries,” reports Bloomberg. “More recently, billionaire heir Timothy Mellon offered $130 million to help pay troops during the recent government shutdown, according to the New York Times.”

“TWO GREAT PEOPLE. I LOVE DELL!!!” wrote the president on Truth Social immediately after the announcement became public.

A few things could be happening here. One, the Dells could be trying to curry favor with Trump. Two, they could be attempting to set an example for how philanthropy ought to be done, throwing a bit of shade on the nonprofit world in the process (though is administering philanthropy through government really much better?). Three, they could be attempting to rehabilitate the image of capitalists, planting little seeds in recipients’ minds that the path of the Dells is one worth emulating. Four, they could just legitimately believe in Trump’s plan and want to help him administer it.

But I’m also persuaded by Odd Lots host Joe Weisenthal’s skepticism:

I agree that Michael Dell can donate money however he wants. It’s his money and none of our opinions on it matter at all.

With that out of the way. What’s the best argument that a one time $250 check will meaningfully alter the trajectory of many people’s lives?

— Joe Weisenthal (@TheStalwart) December 3, 2025

I’ve seen many people applaud the Dell move, because it’s voluntary and simple. (Unlike forced taxation into the fiscal maw).

But another interpretation is that it shows how the juice from the squeeze, of simply redistributing billionaire money to the poor is fairly modest.

— Joe Weisenthal (@TheStalwart) December 3, 2025

Will these direct transfers, at this level, really do much? Of course, parents can contribute too, and that’s surely part of the vision. Accounts are set to open on July 4, 2026. Family members can contribute, up to $5,000 tax-free per year (though the accounts will be pre-seeded with money from the government…and apparently the Dell family). When the recipient turns 18, they can withdraw from their account to help fund their education (or their housing, or their living expenses). Even aside from the results, it’s not a terrible model for teaching fiscal responsibility. Then again, is that really the government’s job?

Scenes from New York: “For transit watchers, the vote on Monday to recommend licensing three casinos in New York City was about something other than roulette wheels and dealers shuffling cards close to home. It was about guaranteeing new revenue for mass transit in New York,” reports The New York Times. “The would-be operators of the three casinos have promised to pay more than $1.5 billion in one-time fees to the state if they become operational after receiving the licenses recommended by the New York Gaming Facility Location Board. The money would be another new revenue stream for the Metropolitan Transportation Authority—the state agency that runs the subways and buses in the city, along with two commuter railroads—and must be spent on operating expenses like salaries for its 70,000-person work force.”

QUICK HITS

• So many of you have donated to our Webathon already (and mentioned Reason Roundup). I am so flattered and we are all so grateful. If you wanted to but haven’t gotten the chance yet, here’s the link to do so. We hope to be a bastion of sanity amid an increasingly hysterical news media—and your donation helps us continue to produce newsletters like this one.
• “For years, Alex Karp, Palantir’s CEO, had declared the data management company to be ‘involved in supporting progressive values,’ saying he has repeatedly ‘walked away’ from contracts that targeted minorities or that he found otherwise unethical. Even as Palantir took on extensive data management contracts for the federal government, the company said it was not willing to allow its powerful tools to broadly track immigrants across America,” reports Eva Dou at The Washington Post. “That commitment no longer holds. Palantir’s software is helping U.S. Immigration and Customs Enforcement track undocumented immigrants and deport them faster, according to federal procurement filings and interviews with people who have knowledge of the project.” (“Unfettered immigration in Europe, where I lived for well over a decade, has been a disaster—depressing wages for the working class and resulting in mass social dislocation,” said Karp. “I remain an economic progressive, isolated among self-proclaimed progressives that are anything but.”)
• The November jobs report isn’t out yet from the Bureau of Labor Statistics, but private companies—like payroll processing company ADP—are filling the void. And the results are clear: A cooling labor market looks like it’s getting even worse.
• A few photos were released of Jeffrey Epstein’s island compound, for those who are curious.
• “Representative Elise Stefanik of New York called Speaker Mike Johnson a habitual liar,” reports The New York Times. “Representative Nancy Mace of South Carolina has told people she is so frustrated with the Louisiana Republican and sick of the way he has run the House—particularly how women are treated there—that she is planning to huddle with Representative Marjorie Taylor Greene of Georgia next week to discuss following her lead and retiring early from Congress.”
• I agree with this, and reject the idea that there’s something massively wrong with Heritage hiring Scott Yenor. (This piece in The Atlantic complicates that view a bit and is worth reading):

One of the reasons we can’t have nice things (guardrails on discourse) is because people like this will always abuse them as a weapon against every conservative thought that gives them the vapors. There is no comparison between Fuentes’ views and the considered thoughts of a guy… https://t.co/S1ShvmYVK5

— Inez Stepman ⚪️????⚪️ (@InezFeltscher) December 3, 2025

the “rideshare work will be decimated the second waymo comes to your town” narrative is pretty clearly debunked by early adopter states. av rides are still 30–40% more expensive than Uber and Lyft bc maintenance, research, sensors, etc are pricy! the shift will likely be gradual.

— Nat Purser (@NatPurser) December 3, 2025